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The Crypto markets have some heads turning right now. If you hadn’t noticed, Bitcoin, Etheruem, and a few other popular blockchain products are in the midst of a major selloff. Is this the time to get in, or is it a good idea to wait and see how things play out? The Topstep coaches are here to share their thoughts and experiences with cryptocurrencies to help answer some of your questions.
With stocks trading relatively sideways the last few months, traders who are comfortable with playing the ranges are the ones cashing in. Take funded trader John C., for example, who hauled in $2,200 in the E-Mini Nasdaq-100 futures by catching a few moves on both sides of the market.
When volatility is low, the runaway moves become less and less frequent, and pivot points become more and more significant. However, stay aware of changes in the market environment; things can turn on a dime!
In this week’s Coach’s Playbook, Jack brings up a great analogy relating today’s crypto market to the early stages of the dot.com bubble. As the online space continued to grow rapidly, AOL technology was at the forefront of innovation. Everyone just assumed that AOL would remain the benchmark standard of internet companies, and we all know that that was not the case.
Is it possible that crypto and blockchain technology are still so early in its development that names like Bitcoin and Ethereum go by the wayside to make room for bigger and better players? Of course, it’s possible, especially if you believe in the concept and value of crypto and think it’s going to be around for a long time.
It’s more than likely that crypto will be around for a long time, so there’s no reason to feel like you missed the boat on it. And remember, the first one to the party doesn’t always get the best the prize, so keep watching for new products evolve, and never put all your eggs in one basket!
Trade Well!
